Dealpolitik: Biota’s Move Across the Pacific is More Complex Than it Seems

Apr 24, 2012 1:56 pm EDT

It all sounds simple enough for Biota Holdings. Give up its listing on the ASX and become listed on NASDAQ in the U.S. to take advantage of higher valuations and better opportunities. But moving out of one complex regulatory system (Australia) and into another (U.S.) is not a simple project.

In short, it is what lawyers’ dreams are made of.

Biota’s plan for its NASDAQ listing is a so-called “backdoor” listing. The deal is structured so Biota will actually be acquired by an existing NASDAQ-listed company for its shares. That company, called Nabi Biopharmaceuticals, has very little in the way of businesses at the moment having “suffered a significant setback” in its “sole remaining product currently in development,” according to Nabi’s annual report filed with the U.S. Securities and Exchange Commission last month.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.